Tied Selling and Service Fees

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Tied Selling and Service Fees

Tied Selling

Section 627.04 of the Bank Act requires banks to inform customers and the public that a bank may not:

Take advantage of a person;
Impose undue pressure on a person or coerce a person, for an
purpose; or
Engage in coercive tied selling.

To comply with the law, VersaBank is providing this information explaining its commitment to these important principles.

VersaBank is committed to providing quality products and services that best serve our customers. The business model by which we operate does not lend itself to the “tied selling” of products. Nevertheless, we want to make it clear that we do not impose pressure on customers to obtain a product or service from us as a condition for obtaining another product or service from us.

Fees

At VersaBank we are committed to open and transparent dealings. We do not charge any fees for the purchase of any of our Deposit Products. A fee may be associated with the re-registration or transfer of ownership of a deposit product.

External Re-registration/Transfer of Ownership	$25.00 / per registration
Internal Re-registration	$15.00 / per registration
Adding/Removing a joint holder	$25.00

Deposit Insurance

VersaBank is a member of the Canada Deposit Insurance Corporation.

For more information about what’s covered and how it works, click the digital symbol.

View list of VersaBank’s Deposit Register of Eligible Products.